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An extensive analysis of international trade policies and tariffs from the late 19th to the early 20th century. It covers various countries, including the United States, United Kingdom, Canada, and others, and discusses the economic theories, treaties, and acts that shaped their trade strategies. The document also explores the role of executive leadership and political parties in shaping trade policy.
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Anglo-American cooperation, 164, 1 78- Economies of scale. See Infant industry argument; International trade the
Edge, Walter, 1 97 Eikengreen, Barry, 1 89n, 20 1 Emergency Tariff Act of 1 92 1 , 1 67 , 1 77 , 2 0 1 Emmanuel, Arghiri, 4 2 Endogenous tariff theory, 1 , 7 and the state, 70 Europe, 97, 1 06- 1 07 , 1 2 1 - 1 23 , 1 2 5, 1 26, 1 3 1 , 1 34, 1 46. See also France; Germany; United Kingdom Export dependence, 75
Ferguson, Thomas, 2 1 1 Finance, American, 79 Fordney, Joseph W., 1 67 Fordney-McCumber Tariff Act of 1 9 2 2 , 1 66- 1 78, 1 94- 1 96, 20 1 , 207, 2 1 4, 2 2 2 and domestic policy process, 1 73- 1 78 rates of duty, 1 67 Foreign direct investment, American, 78 Foreign policy executive, 1 3 bargaining strategies, 2 2 1 defined, 69-7 1 and trade strategy, 85-86, 1 1 7 , 147, 182, summarized, 2 1 9- 2 2 2 i n U nited States, 83 France, 47, 1 28, 1 35- 1 36, 1 7 2 , 1 79- 1 80, 1 9 1 , 202, 2 24, 2 29-23 1 , 234- and British hegemony, 93n Cobden-Chevalier treaty ( 1 860), 5 1 Meline Tariff ( 1 892), 1 2 2- 1 24 reciprocity with U. S. , 1 29- 1 30, 1 38- 1 39 Free trade free riders: under bilateral opportunism, 55 under hegemony, 50, 52 trade policy preferences defined, 48 Frelinghuysen, Frederick T., 1 09 Frieden, Jeff, 78n, 79n Frye, William R. , 1 1 2
Garfield, James A., 1 08 Germany, 47, 5 1 , 96, 1 2 2 , 1 28 , 1 35- 1 36, 1 57 , 1 64, 1 7 1 , 1 78- 1 79, 1 8 1 , 2 1 0, 2 24, 2 29-2 3 1 , 234- and British hegemony, 93n reciprocity with United States, 1 0 2 , 1 29- 1 30 Gilpin, Robert, g- I l , 59, 2 28-2 29 Glassie, Henry M. , 1 76 Gloves, 1 43 Goldstein, Judith, 10 Goluchowski, Agenor, 1 2 3 Gorman, Arthur, 1 1 5 Great Depression, and Smoot-Hawley Act, 200
Gresham, Walter Q. , 1 1 4 Guatemala, 1 0 1
Haiti, 1 0 2 Hale, Eugene, 1 00, 1 1 2 Hamilton, Alexander, 2 , 20, 42 Hanna, Marcus, 1 3 7 Harding, Warren G. , 2 2 0, 2 2 2 and passage o f the Fordney-McCum ber Act, 1 68, 1 73- 1 7 7 Harrison, Benjamin, 99, 1 0 2 , 1 44, 2 20, 2 2 4 and passage o f McKinley Act, 1 09- 1 1 3 Harrison, Pat, 1 92 Hay, John, 1 4 1 Hegemonic leader: and economic openness, 50-52 , 59 trade policy preferences defined, 45- 46 Hegemonic stability, theory of, 8- 1 1 , 3 1 , 38, 2 2 8- 2 2 9 Hides, l O i n, 1 02- 1 03 Hirschman, Albert, 42 Honduras, 1 0 1 Hoover, Herbert, I , 1 73 , 1 85 , 1 93, 1 96, 2 2 0- 2 2 2 and passage o f Smoot-Hawley Act, 1 96- 1 99 Hornbeck, Stanley K., 1 74 House, Colonel Edward, 1 59 Hughes, Charles Evans, 1 70, 1 74 Hull, Cordell, 86, 1 9 2 , 204-205, 2 20- 2 2 1 and passage of the Reciprocal Trade Agreements Act, 20g-2 1 1 Huntington, Samuel, 83
Imperial leaders : trade policy preferences defined, 47- 48 Infant industry argument, 2, 20 and increasing returns to scale, 42 Instability. See international economic in frastructure Interest groups: and trade strategy, I 887- I 939, 2 26- 2 2 7 ; I 887- I 89 7, 1 1 8 ; I 89 7-I9I 2, 1 46; I 9 I3, 1 6 2 ; I92 2 , 1 77- 1 78; I93 0, 2 0 1 ; I934-I939, 2 1 1 in United States, 74- See also endogenous tariff theory International American Conference ( 1 890), 86, 1 09- I l l , 1 1 4, 2 2 1 International Economic Conference ( 1 933), 2 1 0, 2 2 1 International economic infrastructure, 2 1 - 2 2 , 33-
Netherlands, 46n, 1 30 Nicaragua, 1 0 1 , 1 3 1 Nondiscrimination, 1 1 9, 1 3 1 , 1 33- 1 34 and Fordney-McCumber Act, 1 69- 1 73 and Smoot-Hawley Act, 1 96
Olney, Richard, 97 Olson, Mancur, 35- Open Door Notes, 2 1 4 Opportunists: under bilateral opportunism, 5 2- under hegemony, 50- trade policy preferences defined, 45- 47 under unilateral opportunism, 56- Optimal tariffs : theory. See International trade theory in U.S. , 94-95 ; 1 2 1 Osborne, John Ball, 1 27
Palmer, A. Mitchell, 209 Panama Canal, 1 24, 1 7 1 , 1 8 1 Pareto, Vilfredo, 7 2 Parties, political: as explanation of trade strategy, 8, 91 n and trade strategy, 1 887-1939, 2 2 7 ; 1887- 1 89 7, 9 1 , 1 1 8 ; 189 7-1912, 1 3 2 , 1 46; 1913, 162; 1922, 1 7 7 ; 1930, 200; 1934-1939, 2 1 1 Payne, Sereno E., 1 33 , 1 43 Payne-Aldrich Tariff Act of 1 909, 80, 84, 1 3 1 - 1 36, 1 50, 1 53- 1 54, 1 67 , 1 78, 2 1 4, 2 2 7 and domestic policy process, 1 4 1 - 1 45 maximum-minimum schedules, 1 33- 1 36, 1 44- 1 45 rates of duty, 1 33 Peek, George, 209-2 1 0 Peel, Sir Robert, 1 55 Philippines, 1 24, 1 7 1 , 1 8 1 Platt, Orville, H. , 1 4 1 Portugal, 1 29- 1 30, 1 35 Prisoners' dilemma, 52-56, 1 5 2 , 1 87 Progressive (Bull Moose) Party, 1 53 Progressives, 8 1 , 1 55, 1 60 Proportion of world trade. See Relative size Protectionist free riders: under bilateral opportunism, 55- under hegemony, 50- trade policy preferences defined, 48- 49 under unilateral opportunism, 56- Public good, 35-
Ray, Edward John, 74n Realism, 1 2 , 66, 87 Reciprocal Trade Agreements Act of 1 934, 84, 204-209, 2 2 7 compared with other tariff acts, 205- 206 and domestic policy process, 209-2 1 1 rates of duty, 207- Reciprocity: in Dingley Act, 1 26- 1 3 1 , 1 3 7- 1 4 1 , 1 46- 1 4 7 i n McKinley Act, 1 00- 1 02 in Underwood Act, 1 58 Reed, David A., 1 97 Regimes, 10, 35 Relative labor productivity, 233- defined, 29-30, 234 effects on trade strategy, 40- operationalized, 32-33, 234 Relative size: defined 29- effects on trade strategy, 33- operationalized, 3 1- Representative element of the state, 1 3 defined, 69- in United States, 82- See specific tariff acts, domestic policy process Ricardo, David, 1 , 24, 1 52 Robinson, Joan, 40 Romania, 1 72 Roosevelt, Franklin D., 204, 206-207, 209-2 1 1 Roosevelt, Theodore, 1 3 1 - 1 3 2 , 1 53-' 1 54, 2 2 1 -2 2 2 and passage o f the Payne-Aldrich Act, 1 4 1 - 145, 1 62 - 1 67 Root, Elihu, 1 44- 145 Russia, 1 9 1
Salisbury, Lord, 93 Salvador, 1 0 1 Schattschneider, E. E. , 80, 1 99 Sherman, James, 1 45 Sherman, John, 1 37 Smith, Adam, I , 24, 1 5 2 Smoot, Reed, 1 66, 1 69, 1 74, 1 76, 1 9 2 , 1 97 Smoot-Hawley Tariff Act of 1 930, I , 80, 1 9 1 , 1 93- 1 96, 205-206, 208-209, 2 1 4, 2 2 2 , 2 2 7 and domestic policy process, 1 96- 2 0 1 rates o f duty, 1 94- 1 95 and Reciprocal Trade Agreements Act,
retaliation against, 1 89, 202- Society. See Interest groups Soviet Union, 48n Spain, 1 0 1 , 1 30, 1 7 1 - 1 72 , 202 Spoilers: under bilateral opportunism, 55- under hegemony, 50- trade policy preferences defined, 48- 49 under unilateral opportunism, 56- Spooner, John, 1 4 1 State: defined, 66- economic agencies, 69n structure, 73-74, in United States, 83- 87 See also Foreign policy executive; Rep- resentative element of the state Steel, and Underwood Act, 1 59 Stein, Arthur, 54 Stimson, Henry L., 1 98, 2 2 2 Sugar, 1 02- 103, 1 26, 1 29, 1 39, 1 47, 1 60, 1 95 Sumner, William Graham, 97
Taft, William Howard, 1 6 2 , 2 2 1 -2 2 2 and maximum-minimum schedules, 1 35- 1 36, 1 44-145, 1 78 and passage of the Payne-Aldrich Act, 1 32 , 1 4 1 - 1 45, 1 47 Tariff Commission, 1 34- 1 35, 1 69, 1 74- 1 76, 1 96, 205, 2 1 1 -2 1 2 , 2 2 1 -2 2 2 Tariffs: as second-best policy, 43n See specific tariff acts by principle au- thor's name Taussig, Frank W. , 1 67 Tea, 1 26- 1 2 7 Textiles, 1 39 Thornton, John Randolph, 1 60 Tobacco, 1 39 Trade strategy: defined, 4- methodological considerations, 63- See also United States trade strategy Truman, David B., 84 Trusts, and the tariff, 1 55 Tyson, Laura, 4 1
Underwood, Oscar 0., 1 59- 1 60, 1 69 Underwood Tariff Act of 1 9 1 3, 1 53- 1 59, 1 63, 1 94- 1 95, 208, 2 1 1 , 2 1 4 , 2 2 7 compared with Wilson-Gorman Act, 1 57
and domestic policy process, 1 59- 1 63 rates of duty, 1 54- 1 55 United Kingdom, 1 3 8- 1 39, 1 64, 1 79- 1 80, 1 90, 2 1 4, 233-2 36 as bilateral opportunist ( 1 9 1 2- 1 932), 1 49- 1 53, 1 57, 1 63- 1 66, 1 78- 1 82 as declining hegemonic leader ( 1 897- 1 9 1 2) , 1 20- 1 23 as hegemonic leader, 46, 5 1 , 59, ( 1 887- 1 897), 92-98, 1 07 imperial preferences, 1 20- 1 2 1 , 1 89 most-favored-nation principle, I 7 1 - 1 72 , 1 75, 1 8 1 reciprocal trade negotiations, 1 0 1 , 1 30, 208- return to protection, 1 65- 1 66, 1 87- 1 89 as spoiler ( 1 932- 1 939), 1 86- 1 89 trade with United States, 93n, 1 2 1 , 1 52 United States, 46-47, 5 1 , 59-60, 2 29- 23 1 , 233- trade with specific regions, 1 07, 1 63n, 208 See also United States trade strategy; specific tariff acts United States trade strategy: and the international economic struc ture, 60- as least likely crucial case study, 3, 6 1 , 2 25-2 26 pre- 1 887, 6 1 887- 1 939, summarized, 6-7, 2 1 6- 2 1 9 1 887- 1 897, 98- 107 1 897- 1 9 1 2 , 1 24- 1 36 1 9 1 3, 1 53- 1 59 1 9 2 2 , 1 66- 1 73 1 930, 1 93- 1 96 1 934- 1 939, 204- post- 1 945, 6, 1 4- 1 5 , 2 2 8-
Venezuela, 106, 1 7 2 Vest, George G. , 1 0 2 Vinson, Fred M., 206
Waltz, Kenneth, 1 2 , 20 Weber, Max, 67 Willis, H. Parker, 102 Wilson, Joan Hoff, 74n, 79, 1 77 Wilson, William L., 1 03, 1 1 4- 1 1 5 Wilson, Woodrow, 86, 1 4 2 , 1 66, 1 70, 1 77, 2 20-2 2 1 and passage of the Underwood Act, 1 53- 1 63 and tariff lobby, 1 6 1